The House is expected to vote next week on the Paycheck Protection Flexibility Act, a bipartisan bill. The bill would make the following changes to Paycheck Protection Program loans:
- Allow forgiveness for expenses beyond the eight-week covered period. This would help businesses that are prohibited from opening their doors, or those that will only be allowed to open with restrictions;
- Eliminate restrictions limiting non-payroll expenses to 25% of loan proceeds;
- Eliminate restrictions that limit loan terms to two years;
- Allow businesses that take PPP loans to also take payroll tax deferrals; and
- Extend the June 30 rehiring deadline, to offset the effect of enhanced Unemployment Insurance.
Sign up for Spidell’s Post-Tax Season Update and Review webinar and learn about new planning opportunities resulting from the Families First Act, the CARES Act, the SECURE Act, and more. Click here to see available dates and register today!